@Ali Mol In a lease-to-own agreement, the $1,666 monthly credit should be treated as a liability (deferred credit) rather than rental income, as it is allocated toward the purchase price.

I would think about having a local broker/agent give you a BPO on it and see what the number comes back in at..Think this might be where Chris was going, but depending on your area and what sales look like in the end of the year months, usually sales are a lot slower, that might be a driving factor.

For example you cancelled painters and showings but now feel aggrieved and unsure what the outgoing tenant can/should be charged.

Make sure you've got cash reserves for closing costs (around 2-5% of the purchase price, repairs and maintenance (aim for 1-2% of property value annually), vacancy periods (budget for 3-5 months of expenses), property management (if you're not self-managing), emergency funds for unexpected repairs.When choosing markets, look for those with stable job markets, growing population, and strong rental demand.

I would like to buy my first rental property in a few months and am doing some research in order to be as successful as possible.

It's so hard to say generally what problems might come up, but the first that comes to my mind is work history - do you have 6 months on the job and a 2 year work/school history? 

I get CC offers on LLCs I establish within months of launching them.

If you refinance completely your monthly payment will go up probably significantly.

The rental might be vacant for a month,(8% loss) or a tenant might not pay for a month while you pay to evict them.(8-16% loss)  A $1,000 appliance/water heater, or a $8k rook or hvac unit might go out.(5-40% loss)  You should be paying a PM 8%.

cash flow reports, 12 month cash flow reports?